Russian President Vladimir Putin signed the law on limiting greenhouse gas emissions, which proposes to oblige the largest enterprises to report on their activities from January 1, 2023. The document was prepared by the Ministry of Economic Development of the country (Ministry of Economic Development).

"The signed law for the first time in our country forms the greenhouse gas emission management system and determines the carbon footprint as an important indicator of our economy's development," the Ministry's head Maxim Reshetnikov was quoted as saying.

For instance, the law obliges the biggest greenhouse gas emitters to report on their emissions starting from January 1, 2023. The carbon accounting data will be accumulated in the register of greenhouse gas emissions and will provide a basis for monitoring of targets, said the Ministry of Economic Development.

"The law forms a legal basis for the implementation of climate projects and the circulation of carbon units. To this end, the criteria of climate projects, a procedure for verification of the results of climate projects and the order of carbon units registry will be established," the ministry added.

The new market of carbon units circulation will allow Russian organisations to reduce the carbon footprint of their products and services and to attract sustainable investments in the modernisation of production facilities, the authorities say.

Made in Russia // Made in Russia

Author: Karina Kamalova